On Fcbruary 12, 2007, Nancy Trout and Delones Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows: - Kingfisher's business address is 1717 Main Street, Ely, MN 55731 ; its telephone number is (218) 555-2211; and its e-mail address is kingfisherficicom. - The employer identification number is 11-1111113, and the principal business activity code is 451110 . - Nancy owns 50% of the common stock and is president of the company, and Delores owns 50N of the common stock and is vice president of the company. No other class of stock is authorized. - Both Nancy and Delores are full-time employees of Kingfisher. Nancy's Social Security number is 123156788, and Delores's Social Security number is 123-45.6787. - Kingfisher is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Kingfisher uses the straight-line method of deprecation for book purposes and aceclerated depreciation (MACRS) for tax purposes. - During 2021, the corporation distributed cash dividends of $80,000. Kingfisher's financial statements for 2021 are shown below and on the next page: US, corporations Interest income: State bonds Certificates of deposit. Total income \begin{tabular}{l} Expenses \\ \hline Salaries-officers: \\ Nancy Trout \\ Delores Lake \\ Salaries-derical and sales \\ Taves (state local and payroll) \\ Repairs and maintenance \\ Interest expense: \\ Business loans \\ Loan to purchase state bonds \\ Advertiling \\ Rental expense \\ Depreciation" \\ Charitable contributions (cash) \\ Employee beneft programs \\ Premiums on term Iffe insurance \end{tabular} \begin{tabular}{rr} 514000 & \\ \hline 10.000 & 5144,00024000 \end{tabular} Premiums on term life insurance policies on lives of Nancy trout and Delores Late; Kingtisher is the designated beneficiary Net income before tases $5040001940.00016.000 Federal income tax Netincome per books 5020005.106690 IKS. Prepare Kingficher's comporate tax retum roc tax year quer uang rom rad wanc any other appropriate forms and stheduks). Suggested woftware: Proconnect Tax: - Form 1120 - Form 1125-A - Form 1120, Schedule G - Form 1125-E - Word/Excel showing details of "attach statement" items (for example Schedule L, line 6) On Fcbruary 12, 2007, Nancy Trout and Delones Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows: - Kingfisher's business address is 1717 Main Street, Ely, MN 55731 ; its telephone number is (218) 555-2211; and its e-mail address is kingfisherficicom. - The employer identification number is 11-1111113, and the principal business activity code is 451110 . - Nancy owns 50% of the common stock and is president of the company, and Delores owns 50N of the common stock and is vice president of the company. No other class of stock is authorized. - Both Nancy and Delores are full-time employees of Kingfisher. Nancy's Social Security number is 123156788, and Delores's Social Security number is 123-45.6787. - Kingfisher is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Kingfisher uses the straight-line method of deprecation for book purposes and aceclerated depreciation (MACRS) for tax purposes. - During 2021, the corporation distributed cash dividends of $80,000. Kingfisher's financial statements for 2021 are shown below and on the next page: US, corporations Interest income: State bonds Certificates of deposit. Total income \begin{tabular}{l} Expenses \\ \hline Salaries-officers: \\ Nancy Trout \\ Delores Lake \\ Salaries-derical and sales \\ Taves (state local and payroll) \\ Repairs and maintenance \\ Interest expense: \\ Business loans \\ Loan to purchase state bonds \\ Advertiling \\ Rental expense \\ Depreciation" \\ Charitable contributions (cash) \\ Employee beneft programs \\ Premiums on term Iffe insurance \end{tabular} \begin{tabular}{rr} 514000 & \\ \hline 10.000 & 5144,00024000 \end{tabular} Premiums on term life insurance policies on lives of Nancy trout and Delores Late; Kingtisher is the designated beneficiary Net income before tases $5040001940.00016.000 Federal income tax Netincome per books 5020005.106690 IKS. Prepare Kingficher's comporate tax retum roc tax year quer uang rom rad wanc any other appropriate forms and stheduks). Suggested woftware: Proconnect Tax: - Form 1120 - Form 1125-A - Form 1120, Schedule G - Form 1125-E - Word/Excel showing details of "attach statement" items (for example Schedule L, line 6)
